# Monday Live Stream US Market Open: What Is Wall Street Up Too? Sp500, Gold, Nasdaq, PLTR
**Date:** 2026-08-10  
**Source:** [YouTube](https://www.youtube.com/watch?v=kSdtQkEgTjU)

## Main Thesis
The market is undergoing a significant sector rotation where money is flowing out of the over-owned hardware and semiconductor stocks, which are showing weakness, and into other areas like metals, software, and biotech. While the headline tech names are flailing, the broader market remains supported by this rotation, with the S&P 500 still making higher highs and no major distress signals yet appearing in financials or bonds.

## Charts & Technical Analysis

### 1. Software Sector (IGV) (None)

**Bias:** NEUTRAL
**Pattern:** rebound, came into resistance

The software sector showed a lot of strength, with markets rebounding back to where they were in May. However, it has come into a little bit of a resistance.

### 2. Metals Sector (XME) (None)

**Bias:** BULLISH
**Pattern:** technical base

The metals sector was really strong last week, strengthening hard around Tuesday. It formed an interesting technical base and is getting closer to the first potential resistance.

### 3. Gold (weekly)

**Bias:** BULLISH
**Key Levels:** 4330 support (weekly 20 moving average), 4700 resistance (volume profile), 46 resistance (volume profile)

Gold had a strong weekly close, getting back to the weekly 20 moving average at 4330. A volume profile analysis shows a lot of transactions through two key levels, 4700 and 46, suggesting these could be future targets if gold continues to strengthen.

### 4. Silver (None)

**Bias:** BULLISH
**Pattern:** higher high
**Key Levels:** 63

Silver also performed okay, managing to take a higher high and going through the 63 level.

### 5. Copper (None)

**Bias:** BULLISH
**Pattern:** higher high

Often called Dr. Copper, it is a good indicator of economic growth. It made a higher high last week, which does not suggest weakness.

### 6. Financials (None)

**Bias:** BULLISH
**Pattern:** series of higher highs and higher lows

Atkinson questions whether the financials chart looks weak, pointing out its series of higher highs and higher lows, suggesting underlying strength.

### 7. Biotech (None)

**Bias:** BULLISH
**Pattern:** new high

The biotech sector is described as "absolutely flying," having taken a new high last week. It is considered a risk-on sector, and its strength suggests a general appetite for risk in the market.

### 8. SanDisk (None)

**Bias:** BEARISH
**Pattern:** downward trend, series of lower lows and lower highs
**Historical Comparison:** similar to 'the Cosby'

SanDisk is in a series of lower lows and lower highs and remains in a downward trend. Atkinson notes that these types of stocks need to form structure to stop the downtrend, comparing the situation to 'the Cosby' where many got leveraged in an area before it came down to the most traded zone.

### 9. Energy Sector (smaller time frame)

**Bias:** NEUTRAL
**Pattern:** series of lower lows and lower highs
**Key Levels:** 86 resistance, 95 resistance

The energy sector was up about 3% on the day. It is still in a series of lower lows and lower highs on a smaller timeframe. Atkinson set an alert above 86, stating that a move above that level could lead to a new high, and a move through 95 would be a 'serious threat for markets'.

### 10. Treasuries (TLT) (None)

**Bias:** NEUTRAL
**Key Levels:** 84

Atkinson discusses a large volume candle from Friday, likely related to non-farm payrolls. He notes that the last time such a large volume spike occurred, it marked the bottom of that particular move.

### 11. US 500 (SPX) (None)

**Bias:** BULLISH
**Pattern:** higher highs, higher lows, break close high
**Key Levels:** 7800, 8000

The S&P 500 is showing strength with a pattern of higher highs and higher lows, and a recent close above a previous high. He mentions Tom Lee's belief that the market could hit 7,800 or 8,000, then pull back 10-15%, before recovering near year-end.

### 12. NASDAQ (weekly)

**Bias:** NEUTRAL
**Pattern:** weekly rejection, higher high

The NASDAQ had a weekly rejection last week but still made a higher high. It is currently trading around the most traded node according to a fixed range volume profile.

### 13. Russell 2000 (None)

**Bias:** NEUTRAL

He mentions 'the two 2000', stating it didn't quite get to its higher high area but is close.

### 14. SpaceX (None)

**Bias:** NEUTRAL
**Pattern:** IPO recovery

SpaceX is up another 4% today, recovering after being heavily sold on news of a stock unlock. Atkinson notes that technicals don't work as well on a fresh IPO due to the lack of chart history.

### 15. Bitcoin (None)

**Bias:** BEARISH
**Pattern:** downward trend, consolidation
**Key Levels:** 67000 resistance

Bitcoin has not recovered as well as gold. It failed to get through the 67,000 level and did not make a higher high. It is still technically in a downward trend, currently in a period of consolidation or a pullback in time.

### 16. Yields (10Y, 20Y, 30Y) (None)

**Bias:** BULLISH
**Pattern:** series of higher highs and higher lows

Yields are still slowly creeping up in a series of higher highs and higher lows, contrary to general media sentiment. The longer-term 20-year and 30-year yields are closer to their highs.

### 17. Chinese Market (HSI) (None)

**Bias:** NEUTRAL
**Pattern:** hit resistance

The HSI has recently hit a resistance level.

### 18. Kweb (None)

**Bias:** BULLISH
**Pattern:** downward trend line break

This Chinese tech ETF has been improving after being in a horrible, solid downward trend for ages. It has started to improve on the right-hand side of the chart.

### 19. Tech Sector (XLK) (None)

**Bias:** BULLISH
**Pattern:** downward trend line break, higher high

The tech sector broke its downward trend line, made a higher high, and closed above a key area. This suggests a bid is back in tech, but this time it's being led by other sectors like software and services, not semiconductors.

### 20. Shanghai Composite (None)

**Bias:** NEUTRAL
**Pattern:** bounce from demand/support

The Shanghai Composite came down to a heavy level of previous demand and is now attempting to bounce off that support.

### 21. Tencent (700) (None)

**Bias:** NEUTRAL
**Pattern:** at resistance

Tencent has been a market that's been down and is currently seeing a lot of pressure on a resistance area.

### 22. Domino's (DPZ) (None)

**Bias:** NEUTRAL
**Pattern:** reversal, hit supply

After being a 'horrendous stock for so long,' Domino's started to improve in mid-July. It rallied about 15% at its peak before stopping at an area of supply.

### 23. Cheesecake Factory (CAKE) (None)

**Bias:** NEUTRAL
**Pattern:** parabolic run
**Historical Comparison:** similar to hardware stocks that went vertical then collapsed

The stock is in an 'absolutely parabolic run.' Atkinson warns that this type of chart, which is 'off in standard deviations,' can get dangerous very soon, comparing it to the hardware stocks that went vertical and then collapsed.

### 24. ELF Beauty (ELF) (None)

**Bias:** NEUTRAL
**Pattern:** at resistance

ELF is currently right at a technical resistance level but is coming into it strongly.

### 25. Atlassian (TEAM) (None)

**Bias:** NEUTRAL
**Pattern:** ran into supply

Following earnings, Atlassian had a very big move that went straight into a supply zone.

### 26. Chewy (CHWY) (None)

**Bias:** NEUTRAL
**Pattern:** long-term downward trend line

Atkinson points out a 'wild downward trend line' on Chewy, noting it's another stock that is slowly starting to change.

### 27. Uranium (None)

**Bias:** BULLISH
**Pattern:** downward trend line break, higher high

After a significant drop, uranium came down to a previous level of demand. It has since made a higher high and closed above its downward trend line, showing signs of a slight recovery and improvement in recent days.

### 28. Nvidia (NVDA) (None)

**Bias:** NEUTRAL

Atkinson notes that the options market is pricing in a potential 16% plus or minus move for 'Nebas' (Nvidia) on its upcoming earnings.

### 29. NVDA / Semiconductors Ratio (None)

**Bias:** NEUTRAL
**Pattern:** bounce from demand

Atkinson expresses regret for not setting an alert on this ratio chart. It showed weakness in leadership as Nvidia underperformed, but then it came down to a key demand area and has improved since, indicating a potential shift.

### 30. Intel (INTC) (None)

**Bias:** BEARISH
**Pattern:** series of lower lows and lower highs

Intel's chart does not look good as it is still in a series of lower lows and lower highs. Unless this pattern changes, it remains a weak-looking stock.

### 31. Cyber Security (CIBR/BUG) (None)

**Bias:** BULLISH

Atkinson discusses whether cyber security can take the momentum lead from semiconductors. He concludes it's unlikely to lead the whole market due to its much smaller market capitalization compared to the semiconductor sector.

### 32. Clean Energy (None)

**Bias:** NEUTRAL
**Pattern:** bounce from support

After collapsing 36% in recent weeks, the clean energy sector came down to a support level and has started to find a little bit of a bounce.

### 33. Solar (None)

**Bias:** NEUTRAL
**Pattern:** at demand

The solar sector is currently trading into a previous demand zone.

### 34. Tesla (TSLA) (None)

**Bias:** NEUTRAL
**Pattern:** needs to form structure
**Key Levels:** 300, 320

Tesla has been beaten down to the 300 level, which was a significant put wall and an area with a high volume of past transactions (along with 320). To stop the downtrend, the stock needs to form market structure; currently, it has only shown a weak rally.

## Regime / Cycle Analysis
The current market regime is defined by sector rotation, with capital moving from over-owned, weakening hardware/semiconductor stocks into other areas like metals, software, and biotech. This rotation is keeping the broader market afloat. Atkinson draws a parallel between the current 'bad news is good news' market reaction to weak jobs data and the environment of the 2010s. He emphasizes an intermarket approach, noting that while metals are rising (suggesting inflation), he is not yet seeing signs of distress in the bond or financial sectors. He also discusses the AI theme as a major technological shift akin to the internet or electricity, but cautions about timing and bubble risks, referencing the dot-com era where holding top stocks like Cisco from the peak resulted in long-term underperformance.

## Key Calls & Predictions
- A move in the energy sector above 86, and especially through 95, would constitute a 'serious threat for markets'.
- Parabolic charts like Cheesecake Factory are showing extreme extension and can become 'dangerous very soon'.
- The market appears to be pricing in a 'topping of hardware' growth, shifting expectations from extreme growth to something more moderate.
- The current market environment is characteristic of a 'late cycle' phase, marked by exuberance, massive leverage, and crazy runs.
- The official non-farm payrolls jobs numbers are an 'absolutely waste of time' and should not be taken seriously due to their frequent and large negative revisions.

## All Instruments Mentioned
Software Sector (IGV), Metals Sector (XME), Gold, Silver, Copper, Financials, Biotech, SanDisk, Energy Sector, Treasuries (TLT), US 500 (SPX), NASDAQ, Russell 2000, SpaceX, Bitcoin, Yields, Chinese Market (HSI), Kweb, Tech Sector (XLK), Shanghai Composite, Tencent (700), Domino's (DPZ), Cheesecake Factory (CAKE), ELF Beauty (ELF), Atlassian (TEAM), Chewy (CHWY), Uranium, Nebas (Nvidia), Corewave, NVDA / Semiconductors Ratio, Goldman Sachs (GS), JP Morgan (JPM), Wells Fargo (WFC), Westpac (WBC), CBA, Crowdstrike (CRWD), Cloudflare (NET), Oracle (ORCL), Intel (INTC), CSL, Netflix (NFLX), McDonald's (MCD), Pepsi (PEP), Coca-Cola (KO), Tesla (TSLA), Cyber Security (CIBR/BUG), Global Lithium, Clean Energy, Solar, Bungie (BG), ALF

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*Generated by FX Evolution Monitor on 2026-08-15 23:01:00*